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New Business Creation in Connecticut Up 2.6 Percent in 2020 Despite Pandemic

  • Connecticut Department of Labor publishes data on establishment and job growth during 2020
  • Establishment creation was more robust than in 2019 despite the COVID-19 pandemic
  • Social assistance company formation skyrocketed in 2020 while private household service businesses and jobs plummeted
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SBA Announces Funding Opportunity for Research Into Economic Impact of Pandemic on Small Businesses

  • U.S. Small Business Administration’s Office of Advocacy funding research into the economic impact of the COVID-19 pandemic on small businesses
  • Proposals will be received through Aug. 19
  • Studies can focus on small businesses overall or more detailed subsets, such as individual industries or demographic groups
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Lamont Approves Legislation Easing Process of Obtaining Occupational Licenses for People Who Move to Connecticut

  • Governor Ned Lamont signs legislation aimed at making it easier for military spouses and others moving to Connecticut to obtain an occupational license
  • Unemployment rate among military spouses has been elevated due to varying licensure requirements in states and frequent relocations
  • Legislation streamlines approval of licensee if applicant has practiced under another state’s license for at least four years and meets certain other requirements
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Non-Traditional Investors Gaining Edge as Investments in Tech Companies Soar

  • Large money management firms such as hedge funds and mutual funds becoming more dominant in tech startup financing
  • Companies are winning appeal among entrepreneurs due to factors such as a quick turnaround and minimal requests for tradeoffs
  • $150 billion has been invested in tech startups in the first half of 2021
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Business News Roundup, Aug. 3, 2021

A belated COVID-19 vaccination achievement, dampened enthusiasm on COVID-19 recovery, new data on the effect of ending federal unemployment benefits early, and rising COVID-19 cases in Connecticut are among the top business news items this morning. National COVID-19 vaccinations in…

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Restructuring Rather Than Liquidation After Business Bankruptcy is More Cost-Effective for Creditors, Research Suggests

  • Harvard researcher finds that Chapter 11 bankruptcy proceedings tend to end in liquidation even though reorganization is more likely to be profitable to creditors
  • Analysis of more than 500 proceedings over three decades determines that creditors lose more than $2 billion a year by not pursuing a restructuring strategy
  • Chapter 11 bankruptcy is more accessible to small businesses following 2019 legislation
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Seven Bills, Most Concentrated on Cybersecurity, Advance From House Small Business Committee

  • House Committee on Small Business has voted seven bills to go before the House of Representatives for a vote by the full membership
  • Measures are largely focused on cybersecurity, with two focusing on the U.S. Small Business Administration’s 7(a) loan program
  • Other bills look to improve capital access and offer entrepreneurship training
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Emergency Grants Program for Hartford Businesses Opens Aug. 4

  • Program offering $7,500 emergency grants for qualifying Hartford businesses
  • Businesses must meet a number of conditions, including annual revenues of $500,000 or less
  • Applications will be made available on Aug. 4 and be open through Aug. 25
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Proposed Bill Seeks to Improve Equity in SBA’s Venture Capital Program

  • SBIC Working Group Act of 2021 seeks to improve the equity of the U.S. Small Business Administration’s venture capital arm
  • Venture capital is currently concentrated on a handful of metro areas, with limited investments in rural, women-owned, or minority-owned businesses
  • Legislation proposes a working group to make recommendations on diversifying investments as well as incentives to encourage such investments
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Business News Roundup, Aug. 2, 2021

A scramble to prevent a wave of evictions, increasing interest in COVID-19 vaccinations, the impact of higher starting wages on long-term employees, Connecticut recommendations on indoor masking, and a call to support "Connecticut Grown" products are among the top business…

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